DOWNEY, Calif.--(BUSINESS WIRE)--Trench Plate® Rental Co. (“TPR” or the “Company”), one of the country’s largest suppliers of trench safety and traffic control solutions, announced that it has entered into a definitive agreement to be acquired by funds managed by the Power Opportunities Group of Oaktree Capital Management, L.P. (“Oaktree”). TPR’s existing management team will continue to serve in the same capacity and has partnered with Oaktree to further expand the Company’s product and service offering and geographic footprint. The transaction is expected to close in the fourth quarter of 2016. Financial terms of the transaction were not disclosed.
Founded in 1978, TPR has grown into North America’s largest dedicated provider of trench safety and traffic control solutions to the underground construction and other infrastructure-related industries. TPR provides trench plates, boxes, shoring equipment, traffic control message boards and barriers to utilities and contractors who are maintaining, upgrading and replacing aging infrastructure. The Company serves more than 4,700 customers through a national network of 22 branch locations.
“We are excited to begin our partnership with Oaktree,” said Graeme Gilfillan, President and CEO of TPR. “With the addition of Oaktree’s strategic resources, industry relationships and capital, TPR will be well-positioned to continue improving the quality of its products and services for the benefit of both existing and new customers.”
“TPR has earned an outstanding reputation in the trench shoring industry, holding the safety of its customers’ workers as its highest priority,” said Michael Cardito, Managing Director and Co-Portfolio Manager of Oaktree’s Power Opportunities Group. “We are excited to partner with Graeme and the TPR team to help the Company grow both organically and via targeted acquisitions.”
About Trench Plate Rental Co.
Based in Downey, California, Trench Plate® Rental Co. is one of the country’s leading suppliers of trench safety equipment rental services. The company also provides traffic control equipment rental services through its separate TPR-Traffic Solutions® division and manufactures a broad spectrum of trench safety equipment through its wholly-owned Quik-Shor® Manufacturing subsidiary. For more information please visit www.tprco.com.
Oaktree is a leading global investment management firm focused on alternative investments, with $98 billion in assets under management as of June 30, 2016. Oaktree’s Power Opportunities Group invests in profitable, growing companies with innovative products and services used in the energy and power industries. The firm emphasizes a value-oriented and risk-controlled approach to investments. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.